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Our company is a manufacturer and has the following data available for the current year: sales, $550,000; sales discounts, $20,000; sales returns and allowances, $15,000;

Our company is a manufacturer and has the following data available for the current year:

  • sales, $550,000;
  • sales discounts, $20,000;
  • sales returns and allowances, $15,000; and
  • cost of goods sold, $200,000.

What is the amount reported on the income statement for gross profit?

$530,000

$515,000

$330,000

$315,000

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